Call it the Dresdner effect: Commerzbank stock fell 8% in early trading today on concerns that €8.8bn might be a little on the costly side for Allianz’s unwanted asset (MarketWatch). Commerz has promised to make the deal work through vigorous cost cutting, including headcount hacking in London (The Times). The good news? Cuts will apparently be voluntary.

“A tale of greed and hubris that ended with one of the most famous names in German banking laid low.” (Telegraph)

Lehman getting desperate (Telegraph).

SocGen looking for a replacement for Jérôme Kerviel (Financial News).

New wealth manager is hiring (Financial News).

Bob Diamond wants another 400 bankers in the US this year (Financial News).

Hedge fund manager earned 87m (Financial Times).

Beware of Russell Brand when pulling a sickie (The Times).

Single ply loo paper at Citi (Dealbreaker).